Under normal circumstances, my bank sends "payable through" drafts for collections. We don't have them very often. On the 21st, one of our customers brought in for deposit what looked like a regular, personal check. It had his information pre-printed at the top left corner and he signed the front of the check. Where the bank information usually is are the words "Payable through The Bank of New York Mellon", "Pittsburg, PA" and "UNUM Retained Asset Account". It has a MICR line with a routing number, account number, and check number.
Because this wasn't a cashier's check, we sent it off for collections, only to receive a letter from The Bank of New York Mellon today, requesting that we run the check through as a normal transit item through the Federal Reserve Bank. The letter isn't signed or dated.
The customer doesn't have near enough to cover the check in his accounts with us, so I'm unsure with how to proceed. The check is for $100,000 and his account total about $30,000. He has never deposited a check like this with us before and certainly nothing of this amount. We could do an exception hold but I'm not sure that's good enough at this point. Am I over-thinking this?
Thanks in advance.
Last edited by BSABecky; 08/30/12 04:37 PM.
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